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Stable and Rising

Total assets in Luxembourg increased from €743bn to €770bn, a 5% increase. Banking income also shot up 8%, jumping from €11.5bn to €12.4bn in a year.

Staff numbers also rose, and perhaps the biggest increase was in “Profit before tax and net provision” where there was a massive 16% increase.

Banks’ efficiency programmes have started to have an impact on cost-to-income ratios, which is a positive sign. We have also welcomed new banks in the last year; the overall decrease in the number of banks reflects consolidation.